Goods, Services, and Opportunity Cost

4th Grade Social StudiesEconomics4 pages

About this worksheet

Goods and services come first in this 4th grade economics sheet. Students look at four pictures (an apple, a person walking a dog, a stack of books, and a school bus), write good or service in the middle column, and name who might provide each one. A short bakery story follows: Maria has $5 and must pick a giant chocolate chip cookie or a slice of strawberry cake from Mr. Tom. Three questions ask for the producer, the consumer, and her opportunity cost. It supports C3 Framework D2.Eco.1.3-5, and an answer page lists all seven answers, from Good (Farmer) to the strawberry cake.

Page 1 of 4

When this preview is focused, use the left and right arrow keys to move between pages.

Curriculum objectives covered

D2.Eco.1.3-5

โ€œCompare the benefits and costs of individual choices.โ€

Question 3 has students weigh Maria's cookie against the cake she gave up, the opportunity cost of her choice.

What's inside this worksheet

Sort the Goods and Services

A good is "an item you can touch and keep" and a service is "an action someone does for you." Students label four pictures and add a provider for each.

Producers, Consumers, and Choices

Maria's trip to the bakery, then three questions: who is the producer, who is the consumer, and what she gave up. The expected answers are Mr. Tom, Maria, and the strawberry cake.

How teachers use it

The school bus row

The answer page calls the bus a service from the bus driver. Students who see a vehicle will write good, so talk through owning a bus versus riding one to school.

Act out the bakery

Two students play Maria and Mr. Tom with a paper $5 bill. The class then names the producer and consumer before writing.

Unit opener

Use it on the first day of economics. The opportunity cost question previews the idea the rest of the unit builds on.

More 4th Grade Social Studies worksheets

Get started today

Create your own lesson plans, worksheets, and classroom activities in minutes using our AI-powered tools.

Try Chalkie for free